State Bank of Travancore union oppose move to announce voluntary retirement scheme

THIRUVANANTHAPURAM: The State Bank of Travancore Employees Union has opposed the decision of Board of Directors of Associate Banks to announce voluntary retirement scheme (VRS). In a statement, the Union said the scheme had been brought in view of the proposed merger of associate banks with SBI. While the SBI management had reiterated time and again that there would not be any pay cuts or job losses due to merger, their claims have been proved wrong now. According to a top executive of that bank, 30 per cent of the branches will be cut. 

The VRS scheme aims at throwing out employees, killing jobs and job security. “Along with annihilation of associate banks and branches, jobs and employees are also targeted,” the union said. The bank managements which had been reluctant to pay even the eligible the entitled wages for the work done, were strangely now ready to pay wages for employees for the rest of the service even without working. SBI associate banks including SBT had decided to announce VRS for staff.

The staff strength of SBT branches is expected to be cut down by 25 per cent. Of the 852 branches in the state, the internal report has recommended closure of 204. The union says the VRS is for permanent Award Staff and Officers of the Bank who have rendered 20 years of service or have completed 55 years of age as on 30.11.2016.  Employee whose request for VRS is accepted will be paid an ex-gratia amounting to 50% of salary for the residual period of service subject to a maximum of 30 months’ salary.